Mexico | Remittances grew 27.1% in 2021, reaching a new historical maximum

Summary

Remittances totaled 51,594 million USD throughout 2021, +27.1% compared to 2020, and have accumulated a streak of 8 consecutive years of growth, which began in 2014. Between 2020 and 2021, during these first two years of the COVID-19 pandemic, remittances have grown 41.6% compared to 2019.

Key points

• Key points:
• Remittances totaled 51,594 million USD throughout 2021, +27.1% compared to 2020, and have accumulated a streak of 8 consecutive years of growth, which began in 2014.
• In November 2021, the unemployment rate of the Mexican migrant population in the United States fell to 3.7%, in December it was 4.1%.
• 98.9% of remittances were sent electronically, 94.9% came from the United States and 4 out of every 5 pesos were paid in non-banking institutions.
• Seven states (Jalisco, Michoacán, Guanajuato, State of Mexico, Mexico City, Guerrero and Oaxaca) concentrated almost half of the total remittances received during 2021.
• Jalisco, Michoacán and Guanajuato remain the main entities receiving remittances. Tijuana is the municipality that received the most remittances in 2021.

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